tv MONEY With Melissa Francis FOX Business March 4, 2014 2:00pm-3:01pm EST
upward doing very well. terms of this deal do were not disclosed and we do not have a start date. cheryl: jo ling kent, thanks, jo. good to see you. adam: melissa francis is here to take us through the next hour of "money." hey, melissa. melissa: we are tied into the current crisis in ukraine and we'll hear what is going on lynch on the ground and a former ambassador to ukraine. plus we have exclusive with the brilliant michelle girard, one of my favorites. the "wall street throwdown" is whether radioshack will live or die. you've been very hot on twitter. tune in and get ready for the ride because even when they say it's not it is always about money. melissa: the markets are the big story. ii want to go to straight to andrew keane on the cme. i've been following you on twitter. you made great calls. what do you think happens the rest of the day here? >> it is unbelievable to see the
rally in the stock market. i've been on the show with you before and you can not short the stock market. market continues to go higher. huge crisis with ukraine and russia and oil pipes. doesn't matter. we sell off one day, immediately gets bought. warren buffett came out said yesterday's dip, 1% of h off all-time high is buying opportunity. this stock market is out of control. i took off a lot of risk. i've been long the market for year-and-a-half. we have adp tomorrow and employment situation on friday. for me a little giddy and too long in the tooth. i can't short the market because it is too long but taking off a lot of risk by indof the day. melissa: what do you do to set up for the jobs report on friday because that is a wildcard right now? >> my p&l goes up a lot of times the market goes up. i will stay stock specific and oil names like encan ma and new star energy. i take off a lot of risk across the board. go back to my screen and take some risk off going into this
situation on friday. melissa: don't move. i want to get some more reaction from you in just a moment. >> budget i sent congress this morning lays out how we'll implement this agenda in a balanced and responsible way. it's a road map for creating jobs with good wages and expanding opportunity for all americans. melissa: so the president released his budget proposal today. his direction is clear. he wants to tighten guidelines for the rich. extend tax breaks for the poor and help students with loans and raise the minimum wage to 10 person $10 an hour. thanks for joining us. -- $10.10 an hour. >> thanks, melissa. melissa: what do you like about what you heard? >> most republicans and democrats agree the earned income tax credit actually works. i think that is positive. some of the ideas on infrastructure were way behind. we're hopelessly behind on infrastructure spending in this country. we'll have to do something there
to make us more competitive globally and moving goods and services about the country. i think that is another plus. you also additional resources in there for nih and for disease research and prevention. i think those are all positives. melissa: it is hard to talk about infrastructure in a positive light though because we see crumbling roadways everywhere but we always have. we had the shovel-ready jobs supposedly ready to go and we don't see it changed. when you talk about spending evening more on it, how do we know this time it will go to the right place? >> you have to recognize that the some of the things you're referring to there happened with tarp or should say with the stimulus and they never really got it going. but the highway bill that the congress passed last year, map 21, did a lot in streamlining projects to drive prices an costs down on infrastructure so we get more for the money that taxpayers are spending. we're still behind but the process is much simpler today. melissa: what do you think about the cause, i'm sorry the call to raise the minimum wage?
>> i come from northern wisconsin where the cost of live something relatively low. i don't think a national program for minimum wage makes sense because it is always going to be unfair to somebody. for example, if you compare the cost of living in okonto, wisconsin, with new york city they're not even remotely close. minimum wage ought to be dealt with at the state level to, because it is just too diverse an economy at $15 trillion to have one size fits all. i think it ought to be done at state level. that is the way to get biggest bang for the buck and i think it should stay there. melissa: were there any deal breakers for you? >> well, sure. if you like a budget that has higher taxes, $1.8 trillion, that has higher debt, 8 trillion over the decade and has higher interest payments by the end. 10-year window the president is projecting 800 billion a year annually in interest payments alone, that is more than we're spending on defense today you might think this is good budget. all of those things are bad for
national economy. all those things are bad for economic growth and all things are especially bad for my grandchildren. so they're a nonstarter for me. melissa: congressman, thanks pour joining us. appreciate your time. >> you're welcome. thank you. melissa: let's bring back andrew keane at the cme. what do you think of this budget and what do you think market reaction over the long term to it? >> i agree with the congressman about the minimum wage. that should be done at state level. i was born in wisconsin. cost of living in wisconsin is way less than it necessary chicago. i think that is a big thing. the other thing the congressman, i looked at notes he was talking about, doing budget every two years as opposed to every year. uncertainty is bad. if they do this in the house, every single year i don't want to look in december and january worry about the budget where the stock market will go because can they get a deal done last minute and push it down the road. two budgets every two years and instead of one year where the congressman talked about before i think that would be a great idea as well. melissa: one of the big
wildcards in the budget what happens if interest rates go up? obviously our payments get much more higher and much more out of control. what is your view on interest rates? >> yeah. they don't like like they're going up. that is one thing i watch when i'm trading. i always said that wouldn't get short the market until 10-year is above 3%. if it gets above 3 it can spike really quickly. we're fine with the way interest rates are right now. spending has to be done at different levels. interest rates like here don't look like moving any higher. melissa: moving any higher. you hit the dichotomy, once they hit 3% they can move very quickly. that's when we're in trouble. andrew, thanks for coming on. appreciate your insight. >> thank you. >> rbs chief economist michelle gerard will give us her exclusive take on the u.s. economy. listen to what she thinks is the challenges coming our way. kerry takes a stand in kiev. don't miss our live report from kiev. more "money" coming up. i ys say be thman with the plan
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the fed is watching this report very closely to decide if it is going to scale back on its bond buying policies. what should we be watching? let's find out from rbs managing director and chief u.s. economist michelle gerard. she joins me in a fox business exclusive. so excited we can join us at 2:00 p.m. this is better time. we get to see more of you. >> exactly. melissa: what a bonus. set me up for the report on friday. what are you looking for? >> we're looking for overall job gain of about 130,000. the consensus if you will is around 150,000. once again we may be talking about weather. the bls tracks employment in one specific week of february, or one specific week of every month. and the week that they looked at employment in january, the second week of the month basically, was the one week in january where the weather was really good and relatively good and february was that week we had the storm coming up the eastern seaboard. so we probably will see some weather effect. that is why i'm a little bit
below the recent trend. the 12 month average, three-month average is 160, 170,000. that's why we're a little below this month. melissa: seems like it is dipping from the norm last year. what do you think is going on? >> it is. that is what everybody is trying to figure out. you know we actually had very strong numbers in october and november, above 200,000, above the average we had seen through september of that year. i guess i suspect that we've got two things between the weather and giveback from the stronger numbers. that is probably why we're getting weak readings. the truth is we won't really know until we get into the spring months and weather improves and how much is fundamental and how much is weather. i have to say, looking at all these other labor market indicators, there isn't anything to suggest that the employment situation is worsened. nothing to suggest it is getting a whole lot better. >> i don't know how how you can say that, it is not worsening. it is almost like the new normal. it isn't enough. there are people permanently
displaced, what happens to them. >> that's it. adding 200,000 let's say jobs a month, we do see the urn employment rate moving lower. it takes so much longer than what we would normally would have that is why it doesn't feel like the economy is not doing that great for some people. unfortunately i don't think we have the policies we need. companies are sitting on all sorts of cash. they don't see a need to put it to work. they don't see outlook for economy that requires them to hire a whole lot workers or invest more. that is the crux of this slow-growth story. melissa: the quality of jobs that people are going back to are so much lower. the wages are lower. hours are lower. there is so much part-time work, that that change, can anything change that? or you know like everything else is this the new normal? >> i we just, we obviously need faster growth in order to get that underemployment really utilized. i think that is what the fed has been struggling with. unfortunately it is not really a
monetary problem per se. i think the other thing too, you know that we should at least recognize, you hear a lot of people talking about the labor force participation rate and that coming down. now i do think there it is worth noting a lot of it is structural. you heard us all say that. but what is really driving the labor force exits in the last year, is actually the fact that people are retiring. 77% of the people leaving labor force in the last year either left for disability or more often left because they were retiring. so i think -- melissa: are they retiring in a way because they're wealthy and met their number and living this happy retirement? or is it just not worth working anymore because they're not really making any money? they lost a job and can't find another one so they're retiring? >> i'm not saying there isn't some of that absolutely. and that, if you look at the long-term unemployed, 20% of those individuals are 55 and over and good portion of them may not return to the workforce. but i will say i think the slew
of retirements we saw in 2013 probably were people who hadn't really felt the before they were in a position to retire, given the hit they had taken to their wealth, in terms of the stock market decline during the downturn. i think with the strong equity market in 2013, you did see some people who finally felt they were in a better position and, strong enough position to be able to retire but it is not, you're exactly right. these are longer term structural issues that continue to plague the labor market. melissa: hopefully the market will keep going if new people are depending on it for retirement. michelle, thank you for your time. great to see you. he does it again. bill gates topping "forbes" latest billionaire list with the world's richest person with a net worth of $76 billion. must be nice. i only need one of those billion to be happy really. some fun facts this year. more than a thousand billionaires in the list self-made. good for them. there are 268 new billionaires,
50 from the u.s. and it is first year you needed 31 billion just to make the top 20. that explains why my picture is not up there right now. up next, "wall street throwdown", radioshack, will it live or will it die? you guys have been so hot on twitter. tweet me and tell me what you think. watch jack hough and ed butowsky go head-to-head on this. stay with us, follow the rally because you could not possibly have too much money.
following this on the phone. he joins me now on the phone. jared, what do you think about this? what do you think about this stock? what are you anticipating? >> saying i like makeup? melissa: i don't know. i mean, i didn't want to tell everyone. i didn't know if maybe that is why you're on the phone. >> good foundation never hurt anybody. revlon, what is interesting about the stock, huge shake-up in the company. remember their ceo left. the cfo left. now there is there and obviously acquisition that is going on, merger where revlon is going to have to really deflect a little bit, if there is a shrink in margin which is what people will be looking at, they will have to deflect that and maybe everybody comfortable, that hey, these charges are true to the merger. they are really true to, or they're actually justified moving forward. melissa: yeah. >> i like the stock. i like it better than competitor
estee lauder but, certainly a tough industry here. melissa: do we know anything about the new ceo if lorenzo deplani? >> well the new, i have been trying to dig in here and find some goodies on this stuff. i don't know much about him to be honest with you. i'm trying to find some more background. you know -- melissa: well the stock, the stock is certainly moving today. so people feel good bit ahead of the earnings coming up tomorrow. it will be interesting one to watch. jared, thanks for joining us. >> thanks. >> what? >> the '80s called, they want their store back. >> not even the '80s can save radioshack. the stock taking a beating as the electronic retailer announces it is closely nearly 20% of the its stores. if hulk hogan can't save it who can? it's a throw down on wall street "barron's" jack hough and ed butowsky from chatwood
investments. jack, you don't like this one. how come? >> i don't know how you spend money on super bowl commercial and come out with numbers like this. that is the worst capital allocation and russia hosted olympics an invaded ukraine. this company is a mess. results could not be worse. melissa: ed, how do you come back against that? that is outstanding fact against it. >> agree, we're talking about brand awareness. yes, they have done a great job getting small which they have done right now. they got rid after lot of their waste. they're lean and mean. focusing more on online sales. i like this company today, not yesterday. >> i mean, i don't know, jack. when you look at it, they're closing 1100 stores. 20% of the their locations. they're called radioshack. right there two things we don't use. maybe change the name to spotify mansion. >> biggest thing gotten small so far is the stock price. this is really amazing. here is a company that lost money for investors for 30 years and it is still in business.
>> yep. >> for now. you know, so they say they're closing stores. but the problem is, that costs money in the short run to close stores. that is problem eventually for their liquidity. melissa: ed, how do they turn it around? they have done a great job of getting small. they have to ramp it back up. >> they're doing it. they're designing themselves. they basically hit rock bottom. got liquidity. five years worth of liquidity on balance sheet. they're focused on supply chain management. they have a long history of that. i agree they have done a terrible jobs for years and years and years. you know what? focus on next great thing. they will focus online sales. and focus on stores that profitable. they got rid of waste. >> you know what i would be a buyer of that stock right now. >> i would love to believe raid grow shack make as come back. i want them to have jobs. looks to me like circuit city, pointing to things like it was doing. pockets of good news in 2008. we know what happened to circuit city. i don't see many levers for radioshack to pull. melissa: they are doing
4 billion in sales. >> they can double sales, cutting prices in half. doesn't move the needle on earnings. you need those things to want to invest in this company because of its future cash flows, to invest. if you want to speculate, hey, here is $2 stock. maybe tomorrow investors will be jazzed up to pay $3, that is whole different game. melissa: ed, do you own it or get into it? >> i do not own it. i will not put a lot of money into this. when you start think about, their stores are smaller than circuit city. that comp level is little different. they got rid of bad ones. they have a lot of business. close to 5,000, when you add up all the different outlets. billions of dollars of sales. they're going to make money. would i buy it today? i probably wouldn't. >> one of the big problems with the company, gone all-in on wireless at a time when wireless looks saturated and growth is slowing. usually as investor you look for a company with more than one way to win this is company with more than one way to lose right now. melissa: i mean they can't do, best buy is having some success
trying to lever the stores. they make the stores, fewer of them but still there are people who want go look. at the same time you can go online and buy stuff. they can do the same sort moved dell where you buy something at the store but need someone to come to the house and set it up. >> keep in mind best buy has shown a little bit of success during a economic recovery. what happens during the next downturn? radioshack isn't even showing success during the recovery. imagine what the downturn looks like. melissa: ed, last word, real quick? >> they're going to start focusing a lot more on online sales. [whistle blows] melissa: good job, guys. back to the whistle. i love that. if i only could get my kids to do that. i will start carrying a whistle. you guys are fantastic. next on "money," latest developments on ukraine. we have reporter live on the ground. we'll follow money. back from the brink, we're talking to new york's financial regulator on why he thinks the cryptocurrency could come back stronger than ever.
cheryl: a lot of ways to make money on what is going on in russia and ukraine. one way is the stock market is up 209 points but you have to look at corn and wheat, up 9%. that is the third largest shipper of corn in the world, ukraine is wheat moving, the sixth biggest supplier of wheat which has been popping on this. got to keep an eye on the market and the conflict, another 2% today. turning to ukraine where a standoff in russian ambition and western authorities playing out on the crimean peninsula. vladimir putin showing no signs
of backing down saying he reserves the right to use military force against ukraine if he sees fit. fox news radio jessica oliver joins me on the ground in ukraine. what are you seeing? >> and major presence here, basically blocked off which separates ukraine's crimea region, and also sees a military infantry base, the head of ukraine's navy surrendered two days after being on the job, russian troops are not going anywhere despite the fact the russian president vladimir putin may have announcements today that someone 150 troops performing war games along ukraine's border are headed back to their base in russia. a lot of tension here, there are also several coast guard ships based here in crimea, and several ports, they are now in
the black sea. still a lot of tension. melissa: we are looking at headline on the bottom talking about rush a test firing intercontinental ballistic missiles. is that news that anyone is reacting to? any response? >> i feel like no, not really a fight could be honest. the average crimean is basically shrugging their shoulders saying what can we do? russia is already here, not going anywhere, the crimean as i 60% russian-speaking. some are happy russian troops are here but they feel they can't do anything. there hasn't been a response and the rest of the world. they feel they are stuck and it is a wait-and-see and the situation is very fluid. melissa: thank you for that report. let's bring in u.s. ambassador john hurt snout joining us. what is your reaction to what is going on? >> a bling case of aggression by
the russians who are not happy with what happens in kiev. melissa: it seems like russia's number one power is their stranglehold on natural gas particularly if you look at an economic perspective. would you agree on that? >> that is part of their power. the russian military looks formidable but regarding natural gas, yes, europe gets 50% of its natural gas from russia. europe depends on that but so true that russia depends on revenue from europe. that will turn around to sell to china tomorrow in a few years when they have infrastructure to put the stuff but they need the european market as much as the european market needs russian natural gas. melissa: it is an interesting point, is it equal or has the ultimate leverage? >> since vladimir putin is an authoritarian who sees people suffer, he has more leverage, the russian people suffer, what does he care? the european politicians have to
worry about their public but over time russians cannot afford to sell gas to europe for months and months. you will see what happened yesterday to the stock market. melissa: and over time there is potential for europe to find another avenue to get its natural gas. with the ukraine, itself sitting on the 24th acquired its reserves of natural gas, partners in the region could help them to love ♪. the u.s. could export to europe. in the longer term russia doesn't have the leverage, the time to mobilize and find a different plan, take that power away from them. >> that has already started because russia plagued black male with a gas in ukraine and winter of 2005-2006. countries in europe which are wholly dependent on russian gas have pretty good stockpiles because they anticipate these antics from the kremlin. also you already mentioned shale
gas revolution is bad news for russia but good news for consumers around the world. melissa: as former ambassador to this country you have a unique insight into the characteristics and personalities of people that are there. how do you think this plays out? >> there is no question that a ukrainian consciousness is forming, which has democratic aspirations, which warrants the association with the west. this is true not just in the center of ukraine in the western ukraine but also in the eastern ukraine. the most interesting thing that has happened in this crisis in the last 24 hours was coming to power of an oligarchic, they showed by coming to powered that they are working with the authorities in kiev against the wishes of the kremlin. the position of the richest man in the ukraine, the largest
financial supporter demonstrates the oligarchs in the east are supporting the government in kiev. melissa: thanks for coming done. coming up market still soaring as investors take a breather and ukraine. we are up 221 points on the dow. how long can this new optimism last? who is making money today? this guy has been exploding cows for fun and in setting out rage among farmers. millions of dollars in the process. at the end of the day, all the cows, come on.
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melissa: i am melissa frances with your fox business brief. home prices jumped after three months of decline. real-estate data provider core logic said prices rose 0.9% from december. over the past 12 months' home prices are up 12%. addition network and disney announcing a major deal for an internet tv service, local broadcast from abc-tv stations and abc family, espn over the internet, dish also will disable its auto hubs feature that lets viewers should commercials on abc programs for three days after the initial broadcasts. apple's chief financial officer peter oppenheimer will retire at the end of september after 18
the move won't do much ease tensions between russia and the west and lawmakers want the u.s. to take a greater role in the crisis. we are covering the full spectrum in this, fox news national security analyst kay t mcfarlane, radio host and fox news contributor monica crowley and for the financial perspective jeremy hill, investment advisers, thanks to all three for joining us. you said this is an opportunity for the u.s.. >> vladimir putin played along game. for 15 years he is building up his oil and natural gas business, is exports, political leverage over western europe and windfall profits over oil exports but united states should say we are going to reverse that, take advantage of our new-found energy resources, built the keystone pipeline, fracking, export natural gas to europe, build more terminal and do all of that stuff. what that does is drives oil and
natural gas down. nobody buys russian computers, nobody buys russian cars but only russian oil and natural gas and if the price is below $90 a barrel he doesn't need a roll. melissa: do you agree with that? i keep saying at the least we help ukraine export our own fracking technology, they have tremendous natural gas reserves, 24th in the world, this will take too long. >> that is part of the problem. we have put of these decisions for far too long and remain energy dependent on regimes in the middle east like russia that do not like the united states. when we are sitting on top of oil, natural gas and coal reserves more than any nation on the face of the earth, we should exploit our own natural resources not just for ukraine but the west -- the rest of western europe, poland, the czech republic, they are so dependent on russian oil and natural gas that if we could get that out, no longer could
vladimir putin or his successor or any russian authoritarian regime use that energy as and extortions remove and lever against eastern europe. cheryl: we see the rebound in the market, it seems like it may be a little quick to be that relieved. >> there are a handful of things to look at when you have a large geopolitical event like this. is the market going back into one of these risk on risk of modes? in 2010-11 the euro crisis all assets were highly correlated. i don't think we are going to go there. any time we have this type of geopolitical event it makes you as large cap equities look very good so that is an interesting place to start. and third we have to understand what the bond market is doing as a proxy for risk and the bond market is selling off quite a bit today so it has been negative this year but it is getting more comfortable with what is going on on the ground. melissa: what is the worst case
scenario? i wonder -- >> what happens next is vladimir putin takes eastern ukraine. what if he wanted it? think about what is important? crimea is the naval base, large, ethnic russian, and russian citizenship. he wasn't invading ukraine, he was protecting russian citizens. he has done the same with eastern ukraine, the deputy prime minister of russia told me eastern ukraine is where the good stuff is, where the coal mines are and unnatural gas is located and all the cold war era is involved, aircraft factories, the russians want to be able to renovate, retool, that is the next move and they will be invited in. melissa: do we have any power to do anything about this? >> vladimir putin is an old cold war guy, he wants to restore the russian empire to former soviet
glory. >> you can get it in 1995, on line in english in 1999. he is operating in georgia, now in ukraine, he is trying to nail the soviet union back together. won't be satisfied with crimea. you go into eastern ukraine at some point so what we have is a situation where hitler went into sudetenland and -- you will be satisfied with that. it never held a true. what we do know from history is the crises that come out of nowhere even though distant, the crisis have a tendency to blow up. melissa: do you buy energy in the face of this? all this was going on, energy resources get more scarce. >> as the knee-jerk reaction eastern european and european assets might be affected by higher energy prices but ironically twisted logic, in the end might be better for those assets because it puts the final
nail in the coffin of austerity in the euro zone. melissa: appreciate it, good stuff. whether on wall street remains 3 years who is making money today, anyone with a piece of chipotle, american's famous mexican grill is surging after tapping a new and social irresponsible ledge, a satirical television series it has been making. recent episodes have sparked outrage from farmers by showing exploding cows and criticizing industrial -- oh! farming methods. these stock is up 5% on those exploding cows. steve bayles getting a real boost round 260,000 shares, he made $6 million so far today. tomorrow rigas are on him. also make money qualcomm investors, the world's largest cellphone chipmaker hiking quarterly dividend by 20% and boosting share buybacks by $5 billion.
strong adoption of its technologies have enabled it to return capital to shareholders, and stock is up 3.65% and spending money, maybe they shouldn't be. twitter, spotted two 100-year-old log cabins for its employes to luncheonettes san francisco headquarters, that is despite a $500 million net loss last quarter. keep up morale somehow. apparently they do it. "countdown to the closing bell" just an hour away. 45 minutes cheryl casone the is in for liz claman. what is coming up? liz: free lunch is always good to offer. trading anyway, and a lot of volatility yesterday. and we're seeing nice moves for the market. the dow hired by 200 points. we will see if this will hold, the s&p higher by 68, we will
look at george keith ablow coming up in the 3:00 p.m. eastern hour. there are opportunities in the market. to give me and u.s. sense of what is out there. and to go through those, this is a launch, power technologies, you point your phone at your shoe, take a picture and uconn by it. and ask you what your issue is and where it came from. and talk to you. melissa: i do like -- i am a little offended you are getting something you don't have to talk to me but do it better than i do and get excited about what shoes everyone is wearing. i can't wait. up next, it may be frigid outside the perfect for you, all
little on rich edson. he is giving us the lowdown. >> i am from canada, my first time in the tournament. in the corners, when some batters. [ chilen yelling ] [ telephone rings ] [ shirley ] edwa jones. this is shirley eaking. how may i help you? oh hey, neill, how areou? how was the trip? [ male announcer ] with nearly 7 million investors... [ shirle] he's right here. hold on one sec. [ malennouncer ] ...you'd expect us to have a highly skilled call center. kevin, neill holley's on line one. ok, great. [ male announcer ] and we do. it's how edward jones makes sense of investing. ♪ it's how edward jones makes sense of investing. ♪
melissa: smith and wesson reporting earnings "after the bell," up 0.3%. analysts saying declining retail sales trends mounting competition and pending removal of antique pistols from california to overshadow in line. that news is coming up in an hour. time for fun with spare change. we are looking at cold weather.
it put the ice to good use. she joins teams of financial hotshots, h1n1 emanual big apple pond hockey classic in the middle of manhattan. you are a brave soul. >> becoming the outdoor correspondent here, wasn't all that cold but this is cool, the big apple, they play in different cities, bryant park was this weekend, they had 2014, three guys out there each time, you can have as many as six, a really good time and you are in the middle of pond hockey, pretty incredible experience. melissa: how many did you win? >> when you look at how it all ended up on this i didn't quite playfully on the team but the guys who actually did play, stated in between periods. melissa: my hat is off to you.
>> thank you. you talk to a lot of these guys, a lot of guys working different banks around town because it is a pricey sport. >> it is expensive but we were able to get a good group of guys together, we skate over it, and working finance, played together in college and against each other in college but is >> there is a misconception that hockey is not an american sport. what do you say to that. >> as american as baseball. to play outside and surrounded by new york city, pretty rare treat. great to be here. big shout out to melissa frances. >> even though we didn't get an actual time slot to play a game i took on a fox and friends weekend crew and i will say i defended fox business and our hockey honor. melissa: the shout out to me is all i care about. my day is made. into hear anything else in the story, thank you, fantastic job.
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melissa: another blow to bitcoin, announcing it is shutting its doors but at the same time the price of bitcoin rebounding, at $667. benjamin lonski thinks the keith ablow bankruptcy will make it stronger. they basically had the same problem, flex colin is closing and got wiped out and hackers came in and stole all the bitcoin, mount gox filed for bankruptcy after hackers tulsa and 50,000 bitcoins with
$425 million so it seems like it is the same problem which makes me think it could happen again and again. >> i think right now where bitcoin is is a little bit of buyer beware. those who are getting involved need to realize prices are very volatile and we are having some security each is when it comes to hacking. in the mount gox situation we are not clear what took place. the regulators are starting to look at it but overall it does show that as we move to a new environment where regulators are getting more involved we will have a regulatory scheme around bitcoin, hopefully we will have a shaking out where the firms that are doing it right and doing get better and protecting consumers and protecting against money-laundering will survive and proliferate. melissa: of fundamental problem if you have someone as well known as mount gox which was synonymous with bitcoin and a little teeny guy, flex:getting
wiped out by hackers that is a serious problem. how do you solve that? does their need to be some sort of deposit insurance? how do you deal with that? >> if it is a hacker problem is a question of cybersecurity. is a problem not just for bitcoin but all our institutions. we regulate all need to have appropriate safeguards in place to deal with packers. melissa: your deposits are insured so that is why i ask the question do you need some protection? >> insurance may ultimately be a way to go but also just having a regulatory framework, having a regulator on premises who knows what you are doing, what your systems are like. with mount gox is not clear they were wiped out because of a hack and. is a much larger -- mel melissa: the whole thing is not having a regulator involved. it goes against the fundamental idea of having this untraceable
currency not controlled by the government. now you think there's a way to have a regulator involved? >> bitcoin was started in a very innovative initial phase where you did see a lack of regulation and real libertarian bent they didn't want regulation but wanted to stay away from the government. we are moving to an era where everyone is realizing if bitcoin is to move to the next level to become more ubiquitous for people to use it for the power of this technology to be honest to a new platform over time you have to have some regulation. the key is to have regulations that doesn't stifle innovation development but at the same time things like consumer protections, and i money-laundering protections and most of all maintaining safety and soundness of the institutions involved so you don't have another mount gox. mount gox hard to envision. we are very much at that stage. melissa: thanks for coming on. that is all for now.
hope you are making money today. tune in to robert shapiro, undersecretary of commerce in human affairs on wire raising the minimum wage won't help those who needed the most. that is tomorrow at 2:00 p.m. the countdown starts right now. >> lamborghini unveils one of the fastest cars on the planet. it can accelerate to 60 miles per hour in three seconds. and how you can get ahold of one. a stranger wants to know how to buy them, brand new apps, unveiled today could save you a ton of time of guess work and money, the ceo of the new tag. reach for the sky, u.s. tech companies are in the cloud business the facebook ceo mark